Why hiding wealth is now harder than ever for China's billionaires

The crackdown comes as wealth in the Middle Kingdom reaches new heights. A Chinese billionaire was minted every few days in 2018, according to a UBS Group AG

At home and abroad, wealthy Chinese are facing myriad new tax rules as Beijing ratchets up the pressure on tax dodgers.

State media are filled with articles trumpeting the revision of the tax code and government efforts to name and shame offenders. Familiar faces have already been caught in the clampdown. China’s highest-paid movie star, Fan Bingbing, was ordered to pay more than $100 million in back taxes and fines in October after a months-long tax probe, sending a deep chill through the domestic film industry.

A global financial-disclosure system -- the Common Reporting Standard -- is beginning to bite